05:31 PM EST, 11/04/2024 (MT Newswires) -- Sun Life Financial ( SLF ) was at last look up 2.4% in after-hours New York trading Monday after it reported improved underlying net income for the third quarter and raised its dividend.

The company reported underlying net income, excluding most one-time items, of $1.02 billion, or $1.76 per share, up 9% from $930 million, or $1.59, in the year-prior quarter. Underlying return on equity was 17.9%. For comparison, the Capital IQ consensus forecast for underlying net income was nearer to $983 million, or $1.70 per share.

Among other highlights, it reported net income of $1,348 million increased $477 million or 55% from Q3'23. Reported ROE was 23.8%. Also, assets under management of $1,515 billion increased $175 billion or 13% from Q3'23

It increased the common share dividend from $0.81 to $0.84 per share. The first higher payout will be made on Dec.31 to shareholders of record on Nov.27.

"Sun Life had a strong quarter with more than $1 billion in both underlying and reported net income, showcasing the strength and diversity of our businesses," said chief executive Kevin Strain. "These results reflect our leadership positions in asset management and insurance, driven by strong insurance growth, and a return on equity of close to 18%."

The company's shares were last seen up US$1.32 to US$57.00 after hours. They closed down $0.18 to $77.45 on the Toronto Stock Exchange.